Get support with tax planning or trusts
In most cases, when someone dies there will be inheritance tax to pay on their estate. The inheritance bill will need to be settled before what’s left can be distributed among beneficiaries.
You might wish to spend some time considering the tax that would be due on your estate in the event of your death, and how this should be managed.
In some cases, individuals may choose to set up a trust for tax planning reasons. However, trusts can also be a very useful mechanism for leaving money to beneficiaries who are underage or are otherwise unable to manage money themselves.
You may want to consider:
- What your existing tax plans are.
- Whether a trust would be a good fit in your situation.
- What is involved in setting up a trust.
- What responsibilities your trustees will have.
You may find it helpful to consider all these eventualities with the help of a solicitor who specialises in trusts and tax planning.